5 Money-Saving Tips When Buying Property

Buying a property is one of the biggest financial decisions you’ll ever make but that doesn’t mean you have to spend more than necessary. Whether you’re a first-time buyer or just looking to stretch your budget further, these five money-saving tips can help you cut costs without cutting corners.

Money Saving Tips

1. Get a Mortgage in Principle Before You Start House Hunting

Why it saves you money : A mortgage in principle gives you a clear idea of what you can borrow and shows sellers you're a serious buyer. This can give you more bargaining power when negotiating the price.

How to do it: Speak to a mortgage broker or lender early on. They’ll assess your income, expenses, and credit score to provide a certificate showing how much you could borrow. It’s usually valid for 60–90 days and doesn't commit you to anything.

Bonus tip: Shopping around with a whole-of-market mortgage broker can help you find the best deal even 0.1% lower interest could save you thousands over the loan term.

2. Look Beyond the Asking Price and save money

Why it saves you money: Many buyers focus on the purchase price, but the real costs of buying a home include stamp duty, solicitor fees, surveyor fees, mortgage fees, and moving costs.

How to do it: Create a full breakdown of all expenses, including:

• Stamp Duty (use an online calculator)

• Legal and conveyancing fees

• Survey (basic, homebuyer or full structural)

• Mortgage arrangement and valuation fees

• Removal or storage costs

  
  

Bonus tip: Some new-build developers or sellers offer incentives such as paying your legal fees or covering Stamp Duty, don’t be afraid to negotiate.

3. Use a Fee-Free Mortgage Broker

Why it saves you money: Some mortgage brokers charge hundreds of pounds in fees but many offer the same service for free and are paid by the lender instead.

How to do it: Search for “fee-free mortgage broker UK” and read reviews. Ensure they’re whole-of-market and FCA regulated. They’ll compare lenders on your behalf and help with paperwork without eating into your budget.

4. Choose the Right Survey for the Property

Why it saves you money: A proper property survey can help you spot hidden issues like damp, subsidence, or roof problems before it’s too late. Fixing these after you buy can cost thousands.

How to do it:

• For newer homes: A HomeBuyer Report is usually sufficient.

• For older or unusual homes: Go for a Full Structural Survey (also called a Building Survey).

  
  

Bonus tip: If serious issues come up in the survey, you can renegotiate the purchase price or walk away before wasting money.

5. Don’t Overstretch Your Budget

Why it saves you money: It’s tempting to max out your mortgage offer to get the “perfect” home but this can lead to financial stress and limit your future flexibility.

How to do it: Buy a home that fits your lifestyle and your budget. Remember: you'll need money left for furnishing, repairs, and emergencies. Lenders may approve more than you’re comfortable paying — but you’re the one who has to live with the repayments. You don't want to fall into depression because you have over stretched your budget and can't afford your hobbies anymore.

Bonus tip: A slightly cheaper property in a growing area could give you better long-term value than stretching for a bigger home now. You don't need to find your forever home right now.

Saving money when buying a home isn't just about getting a good deal it's about making smart, informed decisions every step of the way. By being proactive and asking the right questions, you can avoid costly mistakes and make your money go further.

For more first-time buyer tips, check out our latest articles.

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